Heads of the business in Ireland need to be removed from post with immediate effect and no severance. Mismanagement has led to a 10 million fine. The crew leading the 30% club need to answer for the failings of those they pushed to the top. Issues there for last decade. Shameful business practice.
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I’m embarrassed to be associated with “the bad bank”. The corruption set in when we got the management of the TARP funds which came with the most questionable characters you can imagine.
The problem with outsourcing started in 2007, when BNY and Mellon were so engrossed in the merger that they did not take notice of new EU directive, MiFID regulations introduced in the same year. Across our European businesses, the success measures of outsourcing initiatives were commercially benefit, not risk avoidance. Procurement/ sourcing changed leadership and direction several times, and from 2014 became more cost saving shopfronts than anything else. Staff in Procurement were measured against their cost saving targets, relentlessly d-mbed down, retrenched, and roles moved to India. Third Party Governance kicked off in 2015 - more so a tick-box sticking plaster than any real drive to reduce risk. The big drive was cost savings, economies of scale, focussing on core business and outsourcing. By 2017, the SEC called in a meeting and warned two most senior GP managers about regulations attached to certain outsourcing initiatives. It was a sobering moment and the first time the head of Procurement knew about outsourcing rules. Anyway, It;s not just the senior managers in Ireland who messed up. We had senior managers in New York who were clueless about the purpose of a bank.
It is absolutely absurd that no senior management has been fired. In fact there have been promotions within this crew.
I guess "the luck of the Irish" stands true.
Oh no… now we’ll have more compliance training to take.
Another year another scandal…. and as always we will find that people were raising issues with it.
On a positive note, they’re looking fir a new bartender in the Irish bar down the block from me in the Bronx.
Our entire culture worldwide just seems to guarantee major fines and penalties 2 or three times a decade. It always seems to come back to Sr Mgt pushing for more revenue than a product or service can throw off. I this has been pretty consistent for at least 25 years.
Does anyone actually believe that senior leadership would be held accountable for this? If anyone were fired, it would be the underlings that senior leadership chose to blame.
It's shocking no one was fired over the gross mismanagement of resolving the issues.
Their behavior has been going on for at least 15 years, the folks in Guild House or whatever its call now need to be cleared out.
Cork and Wexford is where the work should be carried out but the honchos in Dublin continually feather their own nests.
Not only did they have the arrogance to break the rules they also failed to remediate their failings. Utter incompetence by Irish senior management. And not one of them had the guys to speak publicaly to apologise. Leadership my ar-e!
On a positive note, the Irish bar down the block had a nice st Patrick day party
Doesn't Todd have a compliance area that should have taken care of their issues?